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LONDON (Alliance News) - Kingswood Holdings Ltd on Tuesday said it has acquired a 7% interest in Manhattan Harbor Capital Inc as part of its US expansion plans.
Manhattan Harbor is a company with operations in New York and Atlanta that acquires, consolidates and manages independent broker dealers and registered investment advisers across the US.
The wealth manager said it has an option to buy up to a 20% holding in Manhattan Harbor in the coming months, subject to regulatory approval in the US and entirely at Kingswood's discretion.
The acquisition is being completed by Kingswood's wholly owned US subsidiary, Kingswood US Holdings Inc, for an initial consideration of USD525,000. The company intends to pay USD332,500 in cash and USD192,500 through the issue of 1.7 million shares at a price of 8.125 pence each.
Kingswood shares were untraded in London on Tuesday, last closing at 9.50 pence each.
"We are delighted to be able to announce our first venture in the US and believe the team and structure we have put together with Manhattan Harbor is a very strong proposition, complimenting our existing offering," said Kingswood Chief Executive Gary Wilder.
"We are excited to begin this new partnership and our objective remains to grow both organically and dynamically by acquisitions," added Wilder.
